No one ever said running a business was easy and with all of the complications of keeping a company profitable in in this day and age, it takes even more of a superhuman effort. This is why so many businesses are doing the smart thing and bringing in outside experts to help them manage critical areas of the business.
Outside experts have a specific focus on a particular area of the business and they can give a fresh and more knowledgeable perspective to that business area. Companies today can hire outside customer service, sales, marketing and operations experts to literally take over those areas of their business. They can also hire financial experts like Michael Briese to examine and add professional insight into the financial aspects of the organization.
As most business owners know, the majority of businesses fail partially or totally due no or poor financial management strategies and so engaging with someone whose job it is to help you become financially successful is smart thinking in most cases. The trends bear out that more and more businesses are recognizing this reality and bringing on financial advisors who work closely with owners and management to get a company into tip top financial shape:
Auditing Your Company Finances
Regrettably, most business owners do not know or understand the implications of their company’s current financial status. This can have tragic consequences and can often lead to ruin. Not only are they unaware of their potentially being near a cliff, they also compound problems by making bad decisions because they do not know the real factors that should be considered when they make a financial decision. A good financial advisor will demand an audit of the company’s finances to ensure that the conversation around the company’s finances are being had based on real information rather than guesses and hopes. These audits also often uncover problems and the source of problems that lead to better understanding and decision making.
Providing Important Insight
With the many challenges of running a business time is always at a premium for business owners and they rarely have time for all of the detail inherent in every critical business area. A financial advisor takes in and sifts through all of the data and then provides reports to business owners that summarize the status of things and the next steps that should be taken. So the owner gets to see everything important in a way that does not consume all of his or her time and is able to quickly assess and plan next financial moves without neglecting the rest of the business.
An Unbiased Opinion
Business owners are typically emotionally invested in their businesses to the point that it is difficult for them to make objective opinions about the business. A financial advisor is only interested in what the data says in terms of how things are actually going and what needs to be done financially to improve things to keep them going at their current high level. This unbiased view provides the business owner with a welcome perspective that allows for good decision making and improved success.
If your company is lacking any of these things, it may be time for you to hire a financial advisor.